Garima Shah and Thomas Aronica didn’t set out to create another software company—they set out to solve a frustrating problem for small business owners. Merchants complained that there wasn’t a seamless connection between their accounting software and payment processing systems, as existing solutions in the market failed to meet these needs. Around 64% of SMB’s (small and mid-size businesses) face delayed payments, so Shah and Aronica set out to equip SMB’s with an enterprise-level solution through Biller Genie. Biller Genie is a B2B SaaS platform enabling automated A/R reconciliation for small- and mid-size business owners so they can spend less time chasing invoices and more time growing their businesses.
“Our goal wasn’t to start a software company with lofty ambitions; rather, we sought a straightforward solution for a common issue: disconnected systems that didn’t communicate effectively. Upon developing our product, we discovered a significant market demand. Remarkably, 90% of small and medium-sized businesses still manage their accounts receivable manually, resulting in wasted time, money, and the frustration of chasing unpaid invoices,” explained Shah, President and co-founder of Biller Genie. Biller Genie is transforming how small and mid-sized businesses manage cash flow by revolutionizing accounts receivable automation in an industry traditionally slow to innovate. By bridging the gap between Main Street and Wall Street, Biller Genie partners with major banking institutions to integrate digital payments and automation directly into businesses’ financial ecosystems, reducing the average payment cycle from 47 to 9 days. In the last year alone, the company has grown from 1500 to over 4000 business subscribers and has over 1000 financial partners —in addition to expanding its footprint in the coming months with a new headquarters in Orlando and a global expansion into Belfast.
Many of Biller Genies’ clients are businesses that make $500k- 5M in annual revenue, such as landscapers, florists, mechanics, etc. Most of them are service-based businesses where cash flow is king. Shah reflects on one memorable success story that involved a yacht repair business that signed up through a major partner. “During their initial data sync, we discovered several years-old unpaid invoices. Despite our suggestion to clean up these records before reaching out to clients, the owner opted to proceed with sending them, even including his personal contact information. The next morning, he was inundated with calls from former clients. He was livid about the number of calls and emails he was receiving. As we tried to calm him down, he later called back, now appreciative, as he had collected over $200,000 in outstanding invoices within 24 hours—debts previously considered uncollectible. This success was simply because clients had forgotten about these past-due invoices, and Biller Genie’s automated reminders and easy payment options prompted immediate action,” she shared. “Another heartening example is a local plumber who was referred by a fellow business owner. After two months with Biller Genie, he shared that the time savings allowed him to finally attend his son’s baseball games. Previously, he spent evenings on billing tasks after working all day. With Biller Genie automating these processes, he reclaimed about 10 hours a week, now devoted to family time.”
Biller Genie’s enterprise-level service and software for the SMB market automates the entire accounts receivable process, providing small and medium-sized businesses with efficiency and sophistication typically reserved for larger enterprises. This empowers SMBs with tools to save time, reduce errors, and improve cash flow without making significant changes to their existing processes. On average, businesses that utilize Biller Genie see a 40% reduction in overdue invoices, 15 days faster on payments received, and 10-20 hours saved per week on administrative work.
Business owners can sign up for Biller Genie directly or through one of its trusted banking partners. The platform seamlessly integrates with leading cloud-based accounting systems such as Intuit QuickBooks and Xero, as well as major payment processors. Once connected, businesses can easily link their merchant service accounts to their accounting software, streamlining the entire payment and reconciliation process. In addition, Biller Genie generates and sends invoices on professionally branded email letterhead and allows customers to make secure online payments. Once a payment is processed, it is automatically reconciled, and the corresponding invoice is seamlessly closed within the accounting software. The company’s Premium Plan includes more features that increase functionality to shorten the invoice-to-cash cycle, including a fully branded customer portal, automated messaging at your preferred frequency, ACH payments, paper mail, processing fees, and more.
Biller Genie has had a two-year revenue growth of 670%, and since its inception in 2020, Biller Genie has experienced a compound annual growth rate (CAGR) of 139%. “Over the past three years, our significant growth has been fueled by achieving product-market fit and having an extraordinary team. This team continuously pushes us to improve and innovate for our customers, thinking outside the box to deliver exceptional value for our partners, subscribers, and their end-users,” said Shah on Biller Genie’s most recent growth. Fintech is continuously moving towards more embedded payments and creating a frictionless customer experience, and Biller Genie is advancing to create a fully embedded platform where it serves as the default backend accounts receivable solution for partners and subscribers.
When asked about future expansion for Biller Genie, Shah sees the product functioning as the genie in the background: “Imagine a software tailored for landscapers that’s exceptional at managing routes, inventory, and order processing. Biller Genie will soon integrate as the back office for such software, enabling seamless billing management without the hassle of double-entry or toggling between systems. We’ll function as the “genie” in the background, utilizing customer data, pricing, and orders to automate the creation, sending, and reconciliation of invoices. This ensures the entire billing process is handled efficiently, without altering the business owner’s current workflow.”
As embedded finance is expected to hit $7 Billion by 2026, Biller Genie is poised to keep delivering enterprise-level solutions that empower the SMB market.
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